Month: November 2022
VUK +10.63%: Rallied strongly overnight in the UK and today in Oz following a strong FY22 result that showed impressive leverage to rising interest rates. Their 2H22 profit before tax (PBT) result of £401m (£789m for FY22) was 7% ahead of consensus.
CAJ -4.55%: the diagnostic imaging company hosted their AGM today with shares closing weaker on the session. They flagged a number of near-term efforts to drive further revenue growth including an additional 8 radiologists to be brought on by next quarter and adding a number of MRI machines to improve margins.
Excuse the pun but what a difference a week makes, SFR has surged ~30% from its recent low accelerating higher on the weak $US and positive noises from China. We can see further upside from this high beta copper play, especially with BHP still looking to take over OZ Minerals (OZL), but we are likely to lighten our holding into further strength assuming it unfolds into 2023.
ELD -22.94%: the ag group posted solid FY22 numbers today for their September year-end, but shares struggled with the CEO departing and soft outlook commentary. EBIT was up 39% to $232m, near the top of their guidance range and in line with estimates.
DIS -13.16% Q4 results out after market on Wednesday with the negative reaction overnight warranted. The only positive was subscriber growth in their streaming business ~30% above consensus which implies their target for achieving streaming profitability in fiscal 2024 should become reality.
WHC –8.5%: the coal giant struggled today after downgrading production guidance on the back of persistent wet weather. Their main asset, Maules Creek, has been heavily impacted by rain, seeing guidance dropped 1.5Mt, or 12% at the midpoint.
SGM -9.7%: Fell sharply today on a weak quarterly update saying that soft market conditions were persisting with cost pressures also impacting margins. They went on to say scrap metal markets are in a ‘bit of disarray’ with high costs of scrap not being reflected at the other end, putting pressure on margins.
CRN -7.05%: shares in the coal miner were on the back foot today after announcing potential takeover talks with US giant Peabody had ended without a proposal. While there was no reason provided, Peabody has recently taken issue with Queensland’s royalty tax changes, while Coronado’s lack of thermal coal was also thought to be a sticking point.
PDL -0.22%: Putting the three way takeover tussle to one side, Pendal (PDL) reported full year results this morning that were solid, all key metrics were in line to slightly above market expectations with revenue of up 8% to $629.7m and underlying profit up 17%.
DMP -11.71% held their AGM and provided a trading update for the 1st 17wks of 1H23. Network sales were down -1.8% with FX headwinds to blame, however stripping that out they are still only +4.7% up versus +8% this time last year.
